It's About Liberty: A Conservative Forum
Topics => Radical Islam/GWOT => Topic started by: Libertas on March 01, 2011, 12:24:03 PM
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http://www.washingtontimes.com/news/2011/feb/28/financial-terrorism-suspected-in-08-economic-crash/ (http://www.washingtontimes.com/news/2011/feb/28/financial-terrorism-suspected-in-08-economic-crash/)
Only lists the usual suspects, but this story makes me think about if this was pushed in order to create a recession that would harm the incumbent party (GOP) in the 2008 elections. Derivatives and cyber attacks...undermining our dollar by making us spend like drunken dictators to prop up the system (TARP) that just added to our debt. Look who is calling for our currency to cease being the worlds reserve currency...chances are one or more of them could be behind it.
Fighting enemies from within is hard enough, also trying to fight them from without...while being (choke) led by Team Obama?!
::falldownshocked::
...We'll see where this story goes...
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From the WSJ link:
In the second phase, the stock market collapsed by what the report called a “bear raid” from unidentified sources on Bear Stearns, Lehman Brothers and other Wall Street firms.
At 2 minutes, 20 seconds into this C-Span video clip, Rep. Paul Kanjorski of Pennsylvania explains how the Federal Reserve told Congress members about a "tremendous draw-down of money market accounts in the United States, to the tune of $550 billion dollars." According to Kanjorski, this electronic transfer occured over the period of an hour or two.
Here is a transcript of what Kanjorski says in the video:
"On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two.
Money was being removed electronically.
The treasury tried to help with $150 Billion.
But could not stem the tide.
It was an electronic run on the banks
The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawled and collapsed and within 24 hours the world economy."
Kanjorski does not provide further details.
A Google search to verify this produces zero results.
Link (http://www.liveleak.com/view?i=ca2_1234032281)
Substituted C-Span video with youtube:
Rep Kanjorski $550 Billion Disappeared in 'Electronic Run On the Banks' (http://www.youtube.com/watch?v=-5HOscRbNwM#)
All of which disappeared down the memory hole almost immediately.
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Karl Denninger isn't buying it.
Financial Terrorists: Right Here, Not There (http://market-ticker.org/akcs-www?post=181349)
Let me see. We have on the record, under oath testimony that Citibank wrote 60% of their loan volume in 2006, and 80% in 2007, that did not meet the quality guidelines of the buyer of that paper. That is, it was mispriced, Citibank got paid for something that wasn't as represented, and the risk of loss was materially higher (and ultimately recognized) than represented.
How much is this? Well, if Citibank was not alone, we're talking about several hundred billion dollars worth of loans. And that's just in one year's time.
Losses? We now know that there has been a loss of value in homes of about $9 trillion. Of course the problem is that the previous gain in $9 trillion was not real, and yet it collateralized about that much lending.
Anyone who thinks that $9 trillion (in a $14 trillion economy) is not enough to cause a Depression all on its own is nuts.
Anyone who asserts that someone (no matter who) that detects this intentional scam in the financial system does not have the right to exploit it to make a profit is certifiably insane.
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If it was native banks they would not have bled money off at a rate that would cause alarm.
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I always wondered about that Kanjorski statement too. I remember seeing it as it was broadcast, in disbelief. Then, nothing. If he was FoS, then wouldn't there have been a chorus of people pounding him into the ground for saying something so stupid and unsupported? Instead, it just "went away", and we never heard anything about it again, in support or against. Silence regarding such a monumental accusation dings bells for me.
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The timing of the collapse was mighty convenient for the Left. McCain & Palin were leading in the polls on Sept. 15.
But Denninger contends that there was a lot of pre-existing fraud and criminality being committed by the major banks.
How about this? Stop being a crook. Lock up the crooks. Then you can't have your economy collapsed by people who detect that you're a crook and decide to exploit that fact.